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Drivers need different kinds of truck insurance coverage. Nevertheless, the types of coverage a vehicle motorist demands and the insurance price will depend upon the status of the O/O (operator owner). There are primarily two types of O/O standings: (1) functioning under their authority and (2) working under lease to a service provider.
Discussed here are seven usual types of owner-operator truck insurance:
- Physical Damage Insurance
Physical damage insurance spends for any cost of repair to your truck harmed during accidents, criminal damage, as well as all-natural catastrophes. It is not legitimately required, yet it is suggested for all motorists. And also, a lot of lenders require physical damage insurance for funding.
- Workers’ Compensation Insurance
Worker’s settlement insurance is required in all the states in the US. Semi truck insurance companies provide coverage that pays for shed salaries and medical costs for the staff if they got involved in any work-related injuries and diseases.
- Non-trucking Liability Insurance
This type of insurance will certainly pay for physical injuries and repair damage to 3rd parties when the insured is driving the vehicle for non-business activities. If you are driving your vehicle while running personal duties and however meet an accident, the non-trucking liability insurance will pay for any type of property repair work as well as hospital and other associated medical bills for the person involved in the accident.
- Motor Truck Cargo Insurance
Motor truck cargo insurance is the kind of policy that pays for damaged or shed cargo brought by the insured.
- General Liability Insurance
This insurance covers any type of physical injuries as well as building damage resulting from service tasks that are not connected to driving. This will certainly assist the insured spend for any kind of medical or lawful expenses.
- Bobtail Insurance
This insurance under the commercial truck insurance Houston TX covers you for any accident-incurred expenses when you are driving throughout a business-related task, like taking a trip in between work.
- Trucking Liability Insurance
Trucking liability insurance aids cover for injuries as well as home damage the guaranteed have created to individuals involved in a crash while driving.